Canadian Overseas Petroleum Limited (LON:COPL) boss Arthur Millholland told investors that the company is looking forward to an upcoming appraisal of the NOA oil discovery within the OPL 226 area offshore Nigeria.
"The past 12 months, our focus was, and continues to be, on developing our highly prospective oil appraisal and development project at OPL 226,” he said.
An appraisal well is planned for NOA and, if successful, could be brought online as part of an early production scheme, Millholland highlighted. Three further wells could be sunk as part of the early production scheme, which would precede a full development of the field.
“In the meantime, our team continues to review additional prospects in an effort to identify other exciting opportunities that fit our selective criteria,” the COPL chief executive said.
“We envision building a mid-tier oil and gas company with the support of our partner Shoreline Energy, one of Nigeria`s largest conglomerates, our financing partners and our loyal shareholders.”
He added: “While we recognise that everything is taking much longer than we initially estimated, our preparedness, enthusiasm and persistence have not diminished one little bit."